Are You Building a “Future Fit Accountancy Business”?
CCH iFirm presented a very interesting webinar earlier this week which raised a number of questions relating to how you might go about building a “Future Fit Accountancy Business”.
What do you need to create an outstanding accountancy business?
- Focus on building value for your clients
How do you view challenges:
- Threats? or
Many of these challenges will present opportunities if you have a good look at them.
These are opportunities that can add value to your clients as well as to your own business.
The best place to start to build a “Future Fit Accountancy Business” is with your current client base.
- How could you better enrich your clients?
- What client needs are you not meeting?
- Do you plan to give your clients more than they want?
- Is your team “curious” about what services your clients might want or about the industry in which your clients operate?
It might surprise you – but many small/medium enterprises think that their accountants are “too busy” to offer commercial advice to their clients – but this is the “value add”.
The key ingredients of a “Future Fit Accountancy Business” are:
- must base decisions on “accurate information”;
- focus on “value” from a client’s point of view, not cost;
- understands the “concerns” that your clients have;
- don’t “assume” and “generalise”;
- where are you creating “value” for your clients?
- offering the full “trusted advisor service”
Where do you start?
- Get your team ready
- Divide your clients into three groups – A, B, C
- Initially concentrate on Business Advisory Services for “A” class clients
What services could you offer?
- Debtors’ Management Reviews
- Debtors’ Systems Manual
- Virtual Chief Financial Officer Services
- Business Plans
- Budgets and Cashflow Forecasts
- Succession Planning
- Personal Property Securities Register Due Diligence Reviews
- Early Stage Innovation Companies Due Diligence Reviews
- Crowd Funding Equity Raising – (Available from 27 April 2017)
This month I recommend that you target “Reducing Debtors’ Days Outstanding” to rid Australia of the dubious title of “The Longest Debtors’ Days Outstanding in the World”.
ESS BIZTOOLS and ESS BASIP have teamed up with IODM to present “Improving Debtors’ Days Outstanding Package.”
These are the type of projects that we recommend you implement for your clients throughout the year – in this way you will be building a “Future Fit Accountancy Business”.
Access free material:
Podcast ‘Accountant’s Minute‘
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Episode 105 – Are You Building a “Future Fit Accountancy Business”?
As their trusted advisor, can you assist your SME clients with business advisory services?
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